How Can You Improve Your Frisco TX Home Before Selling?

If you are preparing to sell your house in Frisco TX, then it’s time to roll up your sleeves and do some work. Remember, selling a home is more than just advertising your property and waiting to get the best offer. It’s also about doing all the necessary improvements before selling to make sure that your home stands out in the market.

In this article, you will discover the ways you can improve your Frisco TX home before selling.

Some of the most profitable improvements you can do to your home before selling include painting walls, landscaping your yard, updating your bathroom and lighting fixtures, and remodeling your kitchen.

Read on for more tips on how to improve your home before selling.

Making your home stand out

Since the housing market is rife with competition, you can’t afford to just sell your house without preparing it for the scrutinizing eyes of prospective buyers. If you want to attract the ideal homebuyer, you need to make significant improvements to your home before putting it on the market.

Making home improvements before selling may sound big, but with simple, affordable tweaks, you can enhance your curb appeal and make your home’s best features stand out. As you take on these home improvement projects, remember that during an open house, prospective buyers heavily examine the kitchen and master bath so make sure they look great at all times.

Here are some of the easy projects you can do so your home can offer a unique wow factor for potential homebuyers:

•         Enhance your exterior spaces

People generally love spending time outdoors. By adding more usable space outside your home, you will be able to increase its value and appeal to prospective buyers. 

You can improve your outdoors by replacing your outdated deck with one that is larger and is made of materials that are easy to maintain. You can also create your own patio, complete with a tiled floor and an outdoor kitchen area.

•         Update your landscaping

Your landscaping is one of the first things potential homebuyers will see the first time they approach your home. If you want to make a good first impression, update your landscaping so those who view your home from the outside will feel welcome and excited to explore its interiors. 

Don’t just settle for making your yard look neat and trimmed. Instead, think outside the box by considering adding a gazebo or freshly graveling your driveway. Make sure that your front door also exudes a feeling of elegance.

•         Remodel your kitchen

Updating your kitchen is one of the projects you shouldn’t miss when improving your home before selling. When you replace outdated appliances in your kitchen, install new countertops, and refinish your cabinets, you increase the value of your home. 

The kitchen is one of the most important areas of any home, so expanding it to include desirable extras will be a huge plus to homebuyers. While some kitchen upgrades may cost you quite a bit, these projects will certainly pay off in the long run.

•         Improve your lighting

Wanting to make potential homebuyers feel welcome as soon as they open your front door is so important when staging a home. If you want your home to make a great impression the moment they enter your door, make sure your home is well-lit. 

Consider the strategic lighting placement by making sure your lights direct attention to particular areas of your home that you want to highlight. For instance, you can use ambient lighting in your living room to boost its coziness factor or task lighting for the butcher block island in your kitchen.

•         Remodel your bathroom

Since the bathroom is one of the most used rooms in your home, it is most likely to show its age. That is why as you prepare your home for sale, it is necessary that you remodel this part of your home. 

Don’t focus your improvements on making your bathroom simply utilitarian. Make it look as trendy as possible by using different types of lights and infusing the room’s floor tiles and walls with relaxing shades. These days, people also view the bathroom as a place of relaxation so make it pop.

•         Improve your master bedroom

Today, homebuyers see the master bedroom as more than a place where they sleep. Homebuyers want to create the master bedroom as a space that is entirely their own, so they want this room to be that area of the home where their personality can really shine through. 

To improve your master bedroom, convert it into a space that does not only allow someone to sleep but also pursue indoor hobbies like reading books and playing board games.

•         Paint the walls

For homebuyers, freshly painted rooms and an updated exterior are sure eye-catchers. That is why as you prepare your home for sale, you can never underestimate the importance of a simple paint job. 

Freshly painted walls can increase the value of your home by a lot, so make sure you take on this easy project before putting your home on the market. Don’t forget to pick the right shade for each area of your home.

•         Renew your flooring and replace your old carpet

Remember that if your room is purely vacant, your flooring is one of the things that count as far as the first impression goes. Once a prospective homebuyer steps inside your home, this is probably the one he or she will see first. 

If your floor has already taken a beating over time and looks already worn out, that will definitely turn off potential buyers. So, if you want to make the best first impression, renew your flooring and replace your old or stained carpet with a new one. You can hire a professional to clean your dirty carpet, but if that doesn’t do the trick, it’s about time you consider getting a fresh new carpet.

•         Upgrade your windows and doors

New doors and windows do not only make your home look stylish, but they also make your home more energy-efficient. Homebuyers today want homes that offer more affordable household running costs, so if they see that your doors and windows are upgraded, they will definitely be drawn to your home.

Final thoughts

The best thing about making these easy-to-make home improvements is that they all have the potential to change prospective homebuyers’ perception of your home and increase its value. While some of these projects may seem too big to take on, none of them will really empty your pockets the way a complete renovation of your home would.

If you are selling your home in Frisco TX and need additional advice on home improvement ideas that you can make before selling your home, call me, Loreena Yeo, at 214-783-2210 today. I’ll be happy to share with you my expert knowledge and experience in buying and selling homes in Frisco TX.

 

In case you can not view this video here, please click the link below to view How Can You Improve Your Frisco TX Home Before Selling? on my YouTube channel: https://youtu.be/QehadNORfIA

What are the things to fix when selling a house?

When it is time to sell your Frisco TX home for sale, there are things in and out of your house that you need to attend to so it is more competitive in the market. It is still best to consult the expertise of a Realtor® to give you expert advice on which areas you should pay attention to that will eventually give you the best results given your circumstances.

Whether you have a limited budget or not, it is still good to know what are the things to fix when selling your house. Knowing the right things to fix before selling your house does not only give you a bigger profit but also saves you time and effort from doing unnecessary repairs.

Before you start renovating your house, take a look at the things you need to fix before selling your house.

Things To Fix Before Selling Your House

• Inspect all functionalities in your home. From small things like faucets, cabinet doors, or hinges to bigger things like garage doors, all functionalities in your house are supposed to be working. A simple leaking faucet or window not opening properly can easily turn off buyers.

Homebuyers expect everything to be working so when they move in, there is nothing else they would do but fix their things. Everyone wants to get the value of their money. A small inconvenience they see will greatly affect their perception of your home.  This is why every functionality in your house, whether big or small, must be working properly.

• Update lighting fixtures in all the rooms of your house. Proper lighting can make any room look warm, spacious and inviting. You can use this perception of space to your advantage. There are a lot of lighting options available and they do not need to be very expensive. Choose a bulb that gives off a brighter light. There are energy-saving LED lights that are inexpensive and they also come in different sizes and designs.

As much as possible, let natural light into your house. Replace your thick, dark-colored curtains to bright, pastel-colored satin or lace curtains to let the sunlight in. This adds warmth and coziness to every room in your house.

• Refinish your hardwood floor. There is no doubt that the most popular flooring choice for most homeowners and homebuyers is the hardwood floor. Wood floors give your house a sophisticated look and a fresh, neutral appearance.

Refinishing your hardwood floor gives your house a spectacular look that will wow home buyers. Also, refinishing your hardwood floor translates to a higher return on investment.

• Repaint your walls. Aside from the floor, your house paint is the first thing homebuyers will notice. Also, the paint you use greatly affects the feel, look, and appeal of your house.

Before you repaint your walls, check for any cracks or molds. Deep-clean all your walls including the corners and hard to reach spaces. Repair any cracks before you repaint. It is not enough to just paint over the cracks on your walls as they will show after a while.

You will lose more money overtime trying to hide the cracks on your walls. It is better to take care of it head-on and save yourself from headaches in the future.

Bright, pastel or earth tones appeal the most to homebuyers as they give your house light, welcoming appearance and they are easy on the eyes.

If you have wallpaper in any of the rooms in your house, remove them and repaint them with neutral colors. Homes with wallpapers are harder to sell as they do not appeal that much to homebuyers. This is because wallpapers make your home look older.

The first impression last so it is important to ensure that your house is appealing to homebuyers.

• Furnish your exterior. The first thing homebuyers see is the exterior of your house. If they get disappointed with what they see even before they get inside your house, they may lose interest right away. The exterior of your house should look pleasant as it is the doorway to your house.

Clean your yard and get rid of any unnecessary junk left there for eternity. Check your roof for any damage or leaks and repair as needed.

You may also repaint your roof if the paint is already chipping or fading. Replace any missing shingles and take care of any siding issues.

Get rid of moss build up on your fence and pluck out weeds in your yard. You can add more plants and flower beds to make your yard more welcoming and homier.

It is better to fix all noticeable fixer-uppers now instead of having to answer potential buyers in the future and eventually losing them. The more appealing your house is, the better is your chance to sell it faster.

• Upgrade your kitchen. Everybody wants a clean, spacious kitchen where they can move around without bumping on things. You do not need to do a complete renovation. Only do so if your real estate agent tells you so and assures you that you will get better ROI.

There are simple renovations you can do to make your kitchen more inviting and appealing to homebuyers. Repaint the walls. Choose bright, pastel or earth tones that coincide with the color of your appliances and furniture.

If you have wooden cabinets, try neutral earth colors such as light flesh or beige. White is the go-to color. You can never go wrong with white.

You may also replace your countertop with granite or marble. Also, replace any leaking faucets, creaking cabinet doors, loose hinges, and faulty appliances. If you will upgrade your appliances, choose those with fewer buttons to choose from so it does not look overwhelming.

Upgrade your lighting to energy-saving bulbs with brighter light. If your kitchen is small, choose a sleek, modern design that does not overwhelm your kitchen.

It is important that everything in your house works. If your dishwasher is out of shape or if your window is broken, you have to replace them.

Even if your kitchen is not the dream kitchen, you can still do simple renovations that can male it more appealing.

• Upgrade your bathroom. Replace any broken tiles. Deep clean every corner and check for leaks. Replace fixtures that show wear and tear.

The bathroom is one of the most important parts of a house as this is where we spend most of our time. It is important that everything here works.

The kitchen and the bathroom are what most buyers put their focus on. Therefore, you have to make sure that they are clean, bright and appealing to homebuyers.

Is It Worth Renovating A House Before Selling?

The answer is maybe yes or maybe no. If your house is just recent, a simple updating of fixtures, lighting and decluttering is enough. Note that not all renovations will impress homebuyers.

If your house is dated, you will need to do a few repairs. An experienced real estate agent can help you decide which areas you need to spend money on and expect better ROI.

Home renovations do not need to be a complete overhaul. The purpose of renovating is to make your house more appealing to home buyers to make it easier to sell and get some profit out of it.

Should You Replace Carpet Before Selling Your House?

It depends. If your carpet still looks new, you can deep clean it on your own by using a mixture of baking soda, vinegar, and water followed by lemon mixture to remove smell and stains. To make sure your carpet looks new and clean, you can hire a professional carpet cleaner.

Of your carpet is dated and it already shows visible stains and gives off a smell of mildew, it is time to replace your carpet. Homebuyers always notice the carpet. Even if you have done a fantastic job with your kitchen, bathroom and other parts of your house, homebuyers will still consider your house needing repair if you do not upgrade your floor.

Want to know which repairs will help sell your Frisco TX home for sale? Call me, Loreena Yeo at (214) 783-2210. As an experienced Realtor®, I can help point out which home renovations add value to your home to make it more competitive in the market and get a better return on investment.

In case you can not view this video here, please click the link below to view What are the Things to Fix when Selling a House? on my YouTube channel: https://youtu.be/BAZn7IXDXY4

🏠How to Know the Right Price for My Central Frisco TX Home

As a seller, you should be able to identify the approximate value of your property in Central Frisco, TX

Setting a price is the most important sales tool in real estate.  If your house is priced right from the start, you’re on the right path to attract the most number of buyers who can afford to pay the price your home is worth and within your own timetable.

What will happen if you price your property in Central Frisco, TX more than 5% over the market value?

• Your buyers may be intimidated and they may resist inspecting your home since they can find better values somewhere else.
• Buyers won’t even bother to look because they can’t afford it.
• The longer your house sits on the market, people in the marketplace may think something’s wrong. This is when your home can become “stale”.
• Tendency is you will be inclined to lower the price later down the road, just to be able to move the sale.

On the other hand, underpricing it would also be a substandard choice. You will lose money if you set your price below the market value but when time is of the essence, then setting a bargain price may attract more prospects.

How do you set the right price?

A licensed REALTORⓇ like myself has access to the Multiple Listing Service (MLS) where I can see all the information that we need to compare your home to similar properties in your area.

• Examine the features of your home that stand out among the listings on the market.

• Enhance the marketability of your house in order to reach the highest possible value. This is where curb appeal comes in, including making all the necessary repairs and improvements before listing it on the market.
• I can present to you a Comparative Market Analysis (CMA) when we start working where we can compare the recently sold properties in your area that are similar to yours. This will help you determine the listing price.

Your home’s market value and your personal situation should go hand in hand. Your situation will have a strong influence on how you will put a price on your home.

You also need to put mortgage into serious consideration. If you can see, through the analysis that we’ll do, that the market value won’t cover the mortgage balance, you may want to wait until the market conditions improve.

Why do you need a REALTORⓇ to sell your home?

Selling your homes means you will need time, negotiating skills and knowledge of neighborhood trends. These are some of the things I can do for you aggressively. It’s my job to keep abreast of the market changes that happen everyday.

When you’re ready to sell your home in Central Frisco, TX, please take advantage of my expertise to help you see the clearer picture of the current market conditions and price your home to sell.

I’m Loreena Yeo and you can reach me at 214-783-2210!

In case you can not view this video here, please click the link below to view 🏠How to Know the Right Price for My Central Frisco TX Home on my YouTube channel: https://youtu.be/50pOuPTMjBE

Should I Redecorate my Frisco TX Home Before Putting It on the Market?

What is the answer to one of the most frequently asked questions by home sellers?

Yes, you should redecorate your Frisco TX home for sale. Before you react or get upset, here’s the reason why I am suggesting you redecorate.

 

I know you are proud of your Frisco home. It is one of your best financial assets and you have worked hard to make it comfortable and dreamy. You have created a lot of memories in that home.

When the time has come for you to sell your Frisco TX home,  you might be apprehensive about what potential buyers may say when they come and visit your home. To make your home sell-worthy, you need to redecorate.

You must remember that potential home buyers ha

ve different tastes and preferences. No matter how artistic, exotic or unique your home decor may be, it must be toned down to make it more appealing to the potential buyer’s taste.

It must be done if you want to sell your home successfully.

How important is Redecorating?

Redecorating or staging is a must for any home for sale. It ensures that your home is sold successfully and potentially can add value to your home.

This process involves highlighting your home’s strengths and downplaying its weakness. It gives potential home buyers a chance to visualize what the house will look like once it’s theirs.

Consider staging similar to product packaging. You are packaging your Frisco TX home for sale so that it can be more attractive to buyers.

Staging does not need to be expensive. There are many budget-friendly things you can do to stage your home. The best thing is, staging your home properly yields higher return.

What are some basic staging techniques you can apply to your home?

Before your home goes on the market, here are some staging techniques you can do.

1. Deep clean and declutter. Do more than the regular home cleaning you are used to. Even the cleanest home has something to clean or get rid of.

This means getting rid of or putting into storage any knick-knacks  or books that have been accumulating in the corner. Take out the excessive display of your children’s accomplishments that hang on all the walls of the living room. Remove 90% of your personal stuff in the home.

You want the home to look clean and tidy and with plenty of space, and decluttering accomplishes that. If your carpet has not been cleaned for a year, now is the perfect time to have it deep cleaned. If you don’t have time, consider getting a professional cleaning job.

2. A fresh coat of paint. Paint is a miracle worker. It can make dirty walls look new. It gives new life to anything it touches.

A fresh can of paint can make the home look better, brighter and newer. Also, go neutral with the paint. If you wish to make it more lively, add a pop of color and use it as an accent.

3. Repair and maintain. Do not ignore the seemingly small repair issues.

Replace the leaking faucet and cracked tile in the kitchen.  Change the bathroom’s broken door knob. Fix the rundown portion of the fence.

A good thing to do to know what to fix and improve is to walk from the street and look at your home with a buyer’s eye. Check out the roof, sidings, windows and walls.

4. Improve your home’s lighting. Buyers love homes that are bright, open and well-lighted.

Replace any busted light fixtures and upgrade to contemporary styled ones. Take out the dark, heavy draperies hanging on the windows to let in natural light. Not only does this trick brighten the home, it also makes the space look bigger.

5. Spruce up your home’s curb appeal. Mow the lawn, prune the shrubs and trees and plant some colorful flowers in the garden. Make sure that your walkway is clean and well-kept.

These staging techniques are inexpensive, simple and can add value to your Frisco TX home for sale. Visit our website www.316RealEstate.com for more helpful tips and techniques on home staging.

Call us, Loreena Yeo and Mike Yeo at (214) 783-2210 and let us help make your real estate journey easier.

In case you can not view this video here, please click the link below to view Should I Redecorate my Frisco TX Home Before Putting It on the Market? on my YouTube channel: https://www.youtube.com/watch?v=YQaux6j4hzs&feature=youtu.be

 

Should I Use a Realtor to Sell My Frisco TX House?

This is 2017 when this article is published and here in the surrounding Frisco, Prosper, North Dallas area, real estate market is still booming hot. This article is really not to convince you if you should use a real estate agent to sell your home but just some of our personal experiences of why – if we were a home seller, we would not consider NOT using one.

It’s a HOT SELLER’S MARKET. Anything sells. So it seems. Why should you consider hiring a real estate agent?

Well, as they say, “You don’t know what you don’t know” until you are faced with what you needed to know. While every buyer and seller know what a HOT SELLER’s MARKET is,

1.Does a seller know how does a potential home buyer react in a hot seller’s market?

2. Does a seller know what are the right questions to ask the potential buyer(s) when showing the property? Did the seller share too much information that is detrimental to his/ her sale?

We are typically “nice” friendly people. But sometimes saying “too much” gives your negotiation power away. Sometimes saying “not enough” may seem like you are hiding something.

3. There are over 30+ items to negotiate on a sales contract not yet to include the addenda that come with it. Most often, buyers and sellers focus on the price but as our real estate experiences show, it does not always boil down to price. Closing dates, possession, other non-realty items are some of the other things that may come into play.

Then, how about objections to other documents that come back in after title search or HOA documents?

There are big things to negotiate on the contract. Then, there are some items that are not so important. Could you identify them correctly?

4. How about delivery of money, documents, etc.? Would you know when what is due?

It is not our intention to scare you away by trying to do it yourself. Most of the time, our observations about sellers who try to avoid a seller representing them may not even know how to negotiate to protect themselves. Yet the transaction went well. But sometimes, not every Frisco TX home seller is that lucky.

Some form of representation is always better than none, especially when you hire a fully qualified, high-octane real estate agent to represent you.

5. Do you know how to handle multiple offer situation? What may be the steps in doing that? However, most often than not, most individual home sellers who sell their home individually do not experience multiple offers because they don’t know:

a. How to drum up multiple offers?

b. What to do with multiple offers? (when it happens)

c. How to correctly negotiate multiple offers?

d. How to evaluate all the offers that come in?

6. Buyer qualification is HUGE. Not all buyers are pre-qualified the same way. Would you know how to screen them?

And before all these contract negotiation opportunities, do you know what and how to prepare your home to give it its most deserving appeal to the most amount of buyers?

There is never a perfect home out there (yes, although you might think so). Do you know what are the items that really need to focus on when selling? Which are less important to buyers?

Do you know how to secure your property during showings? Do you know who is entering your house and if the reason is truly to potentially buy your home?

I do think I should stop now. Otherwise, it would be very overwhelming. You get the gist.

A good real estate agent knows how to get top dollar for your property in the least amount of inconveniences and heartache because a real estate transaction is very emotional, especially when it is talking about your home, where all your memories were made.

It’s best to leave it to the professional.

In case you can not view this video here, please click the link below to view Should I Use a Realtor to Sell My Frisco TX House on my YouTube channel: https://youtu.be/c8DibgKnq-I

Are You Landlord-Material?

Written and copyright © of Loreena Yeo 2007

(1) How much money have you set aside for your rental property(ies)?

See, the question is if you have any money ready to be set aside for this business (after all, landlording is a business). I did not quite mean if you have any money set aside. Unfortunately, if you have to dip into credit cards to make the mortgage payment when your tenant cannot pay you, or if you have a plumbing issue, this is a good red flag to say that it may not work out for you. If you can put at least 3 months worth of payments aside (better at 6 months), you at least have a sound financial plan.

(2) Can you cashflow? Or are you going to feed some money into the property each month?

Work out the math. Factor in vacancy rates and estimate repair costs. Not just mortgage payments with property taxes and insurance. There is a real math behind this. What if the numbers do not work? Does it mean this landlording business is out? Not necessarily. Again, it depends on your individual situation. If you need help in figuring this out, contact me. I’d be more than happy to share with you what I know. No pressure and obligation. I feel the more information you have in your hands, the better the decision you make for yourself.

(3) Oppps………. let me back up. Do you work off a monthly budget and abide by it?

How is your financial situation at home? Are you living from paycheck to paycheck? (Red flag alert)… The truth is that I have heard many people saying that “They are doing okay” or “I got that covered….”. What does that really mean? Please let me tell you what it should mean before you really think you have that covered.It means you are on-time with all your personal bills. You are sitting on at least 3-months of cash savings (living expenses) and now that you are getting into the rental business, you should have at least 3-months of additional mortgage payments plus property taxes and insurance. This is the least you must have in order to sit on a strong foundation to begin considering landlording.

Why so stringent you might ask? The more savings you have, the more you can pad away your problems. Then you wont operate in a crisis mode. Having that $500 plumbing problem then because just a mere inconveninece for you.

Should you seek credit cards to fund your emergencies? Absolutely not. The rental business is purely a numbers game. If you have to seek a credit card for help at 18-20% interest rate, dont you think your entire ROI (return on investment) go out the window? Well, how about those 0% credit cards? Well, think again. It already says you are not financially ready for landlording, in my humble opinion.

(4) Do you plan to manage it yourself or hire a property manager?

Either way, property management can be successful if you have the right personality and tools to do it.
The benefits of handling your own rentals is that you save money. Typically, property management fees start around 10%. That means you will also need to factor this fee as part of your cashflow equation. The property manager takes the tenant calls for you, however, you still will need to play a somewhat active role in keeping on top of your property manager. So, instead of dealing with tenants, you deal with your property manager. Late fees are collected for you and typically split between the property manager and you. But we never wish that to happen.

You do not need to listen about Why Rent cannot be paid on time this month. Some real tenant answers are, “I need to buy new clothes for my kids or school items before the kids go back to school” or “It’s Christmas and I really dont want my kids to be without this season. After all, ’tis the season to love and give, right?”…….. Going back to school in August and Christmas occuring every December suddenly catch them by surprise. Be prepared that people make decisions with their money and it is beyond your control. I am not here to judge if it is right or wrong. It happens. (I do not say that ALL tenants are this way. But you need to assume the worst to make your most conservative decision).

The advice I provided may sound difficult or somewhat harsh, but as a realtor and a trusted advisor in your new endevours, I’d rather be upfront with you than to get you scrambling when you are already in the situation. Call me if you have considerations in becoming a landlord – whether it is here in the area or anywhere else. I’d love to share with you.

PS: I am a landlord and I have some experience in this field. I am not here to say whether this is for you because ultimately you do what you think is best for you. But you should hear all the goods and bads before you get your feet wet. After that, you will still have your own lessons to learn.

Related Article:
Is Landlording A Better Alternative to Selling in this market?

Is Landlording A Better Alternative to Selling?

Written and copyright © of Loreena Yeo 2007

No doubt that the real estate market has recently suffered some downturns. Many Sellers who plan to move on with their lives cannot or do not want to wait for the market to turn around are looking at different alternatives to selling.

Landlording comes to mind.

Is Landlording A Better Alternative To Selling In This Market For You?

Well, it depends on your situation.

(1) First of all, not everyone can qualify for having 2 mortgages in their name. Well, someone else has just made the decision for you.
(2) Even if you can qualify for it, should you?

Here are some points to ponder:

(1) Are you landlord-material? Read more on this.
(2) After the landlord material consideration, are you just making an emotional or financially-sound decision?
(3) If the market was not in this condition, would you get into the landlording business in the first place?

When Sellers make this at-first-glance consideration, they assume that:
(1) You will always have a renter in the house (no vacancy ie someone is always there to pay this part of your mortgage)
(2) There will be no turn-over.
(3) There is no repair.
(4) Rent will always be on time.
(5) It is just a simple clean and vacuum, then the For Rent sign goes up again in the yard.

The questions that I have raised are truly significant. They are real and they can make or break you. As much as I believe in real estate, landlording is not for everyone. Landlording is a business and should not be used as an alternative until something turns around. So, make your EMOTIONAL as well as FINANCIAL considerations diligently.

Find out what it takes to become a landlord.

Is a little Home Improvement Project on your horizon?

Before you begin home improvement projects, get your favorite realtor involved…… Why?

Realtors have many resources that you can get some insights to. How about giving some good referrals of services they can share with you? A good and cheap tiling guy? How about some new hand-scraped hardwood floors? Or granite countertops? How about cheaper alternatives to Home Depot or Lowes? Do you know the best places to shop?

Some realtors are a central source of information. They know where to shop and whom to call.

More importantly, are the home improvement projects you plan to do worth the time, effort and money you put into? Use the knowledge and market insights to see what are buyers looking for these days… Some home improvement projects bring value while others do not, yet they bring marketability to your home when the time comes to sell.

If you are looking for a trusted local real estate expert, contact me. I will be delighted to share what I know about the home improvement projects that interests you.

Seller says, "Let’s Negotiate"

One of the episodes from Buy Me on HGTV remains pretty crystal clear on my mind and I do not think I necessarily agree with both the agent and sellers.

Setting the Stage:
The house has been on the market for a while before the Sellers interview this real estate agent to list it for them. The house has foundation issues and it is VERY Visible from the exterior bricks and the first floor.
Knowing this, the agent presented two strategies to the Sellers.

(1) List it “higher” than the original price that the Sellers could not sell it at the FSBO price.
(2) List it “lower” to reflect that the house needs foundation work performed.

What did you think the Sellers chose? Hint, hint: They said, “Let’s Negotiate”…..

My Comments:

I do not think that was the right pricing strategy to begin with. Even without knowing the market, and the fact that most For Sale By Owners overprice their homes, listing it HIGHER to try to get the house SOLD is definitely not the way to waste the Seller’s, the listing agent, the buyer’s agents and their clients’ time.
In this market where the HOMES are not in the PERFECT condition, most buyers just say, “NEXT!”…..The Sellers’ feel that with given enough Buyer’s interests, they can always “NEGOTIATE”. I am sorry but most of the time, it does not happen that way.

Based on my experience, buyers move on and do not want to deal with a (1) overpriced listing (2) a house with problem on top of that.

Towards the mid-part of the show, Summer turned into Fall and there were still no offers. Eventually, the listing agent suggest to lower the price 8% – a very difficult choice for the Sellers to make, yet they agree.

My Comments:
The Sellers in their minds have set that their house is worth XXX – original listing price with the agent. Now, having to reduce it 8% is more than they can handle. It feels like the agent is trying to take a piece of their soul. Well, in the first place, the Listing agent did not set reality in the Seller’s mind.

Winter came and the Listing agent suggest to reduce it another 5%. By now, the Sellers are not in good terms with the agent. No one was happy. And the house continues to stay on the market. Show ends……

My Comments:
This is a harsh reality where an overpriced listing – to begin with hurts everyone. According to the show, the house was on the market for 2 months while the Sellers try to sell on their own. Then from June into the Winter months (February) was another 8 months the house sits with an overpriced listing and problem (Foundation). A good wake up call.

Extreme Circumstances Deserve Extreme Measures

Most of the places in the country are facing a Buyer’s market*. There are just more houses than are buyers out there. As a result, the prices are typically lower. With the splashing news of subprime lenders going out of business, it makes buyers harder to qualify for loans. There are still 100% loans out there but the availability has significantly dropped. The adjustable rate mortgages were at one point “easier” to qualify because of the “lower” debt to income ratios are also adjusting “up”. In short, the pool of available clients have definitely impacted Sellers of residential real estate.

Thus, it become even more crucial to work with a real estate expert who knows the market and knows how to move your property. Despite the current market conditions, there are still buyers out there.

Home Improvement shows such as Designed to Sell and Get It Sold are some examples of what a real estate expert may require you to do to sell in today’s market. Some episodes require homeowners to go through extreme measures to update their properties. Moving walls, remodeling the entire kitchen and alot of elbow grease. These are some methods Sellers employ in order to achieve their goal: Move on. On the other hand, these shows did not portray the entire true picture of the real work that goes into the process. They get it done for very little money (some as low as $2000). Realistically, unless you have the time to find pennies on the dollar resources, it is very hard to achieve $2000 worth of work in the amount of “stuff” they do. But the concept holds true. Staging works.

Ask my real-life clients: The Milners. They worked tirelessly for two-full months to put their house on the market based on my recommendations. They are very capable homeonwers who could tile, paint and tear down arbor on their own. They definitely put their fair share of sweat equity. No doubt, the projects took them a little longer to complete than anticipated but in the end, they made their house the best in its price range and condition. I listed their house on Friday evening at 9pm and received an offer the very next day at 4:30pm (to the 1st family that viewed it).

Update: Guess where are the Milners now? Well, they are off to the next phase in their lives: help plant a church in a different state – with no house (or house payment) to sell in their minds.

In the Milners very own words:
“Loreena, you were so helpful in your advice on how to prepare and stage our home. We never dreamed it would sell the first weekend! You under-promised and over-delivered! You did your research, you made solid recommendations, you were thorough and well-prepared. You did what you said you would do and then went beyond – How can we thank you enough! You’re wonderful!”

So, guess what? STAGING WORKS!!!!

A can a paint $22, Tiles in kitchen floor $500, Peace of Mind: Priceless.

Another proud story of extreme circumstances that deserve extreme measures.